Pakistani official lauds AIIB model
Listen to article
A top Pakistani economic official has praised the Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) as a new model of multilateralism, citing its critical support following the country's 2022 floods, and advocated for a greater voice, and even veto power for developing nations at global financial institutions.
Speaking at a roundtable for the AIIB's 10th anniversary held in Beijing, Kazim Niaz, Pakistan's Secretary at the Ministry of Economic Affairs, positioned Pakistan as a key partner of the bank and a strong advocate for its governance model, which he said gives emerging economies more influence.
"We have always viewed AIIB as a development partner of strategic importance and great potential," Niaz said. "Its inclusive governance framework and consensus-oriented decision-making approach are core characteristics that we highly appreciate."
As a founding member, Pakistan has worked with AIIB on projects ranging from clean energy and urban metro systems to digital infrastructure, Niaz noted. He praised the bank's "Lean, Clean, and Green" identity and its "fast and flexible" financing channels, which are critical for a country facing significant infrastructure deficits.
Niaz singled out the bank's performance following Pakistan's historic 2022 floods for special mention, highlighting its collaboration with the World Bank and Asian Development Bank. "The innovative support provided by AIIB in its financing instruments had a huge positive impact on our post-flood reconstruction work," he said. Niaz said Pakistan seeks to deepen its partnership with AIIB in future to build smart infrastructure to withstand severe climate shocks like heatwaves, floods, and water stress.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
3 hours ago
- Business Recorder
Pakistan rupee ends FY25 lower by 1.95% YoY
Rupee's Performance Against US Dollar Since 04 March 2025 The Pakistani rupee posted marginal decline against the US dollar, depreciating 0.01% in the interbank market on Monday to end the fiscal year 2024-25 down by 1.95% year-on-year (YoY). At close on Monday, the currency settled at 283.76, a loss of Re0.04 against the previous day close. During the previous week, rupee remained largely stable against the US dollar. The local unit closed at 283.72, marginally lower by Re0.02 or 0.01% against 283.70 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Pakistan rupee ended the fiscal year 2024-25 down by 1.95% or Rs5.42 against 278.34 it had closed at on the last session of the previous fiscal year. The local currency remained under pressure due to increasing import demand, according to analysts. Globally, the US dollar wallowed near its lowest in nearly four years against the euro on Monday as market optimism over US trade deals bolstered bets for earlier Federal Reserve interest rate cuts. The greenback also languished near a four-year low versus sterling and a more than decade trough to the Swiss franc after Washington and China moved closer to a tariff agreement, even as US President Donald Trump injected some uncertainty into the market's bullish narrative by abruptly cutting off trade talks with Ottawa. Investors interpreted Fed Chair Jerome Powell's testimony to U.S. Congress last week as dovish, after he said that rate cuts were likely if inflation does not spike this summer due to tariffs. Bets for at least one quarter-point reduction by September have risen to 92.4% according to CME Group's FedWatch Tool, from about 70% a week earlier. The US dollar index - which measures the US currency against six major counterparts, including the euro, sterling and franc - edged up 0.1% to 97.276, but was still not far from the more than three-year low of 96.933 late last week. Oil prices, a key indicator of currency parity, fell 1% on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August boosted the supply outlook. Brent crude futures fell 66 cents, or 0.97%, to $67.11 a barrel by 0031 GMT, ahead of the August contract's expiry later on Monday. The more active September contract was at $65.97, down 83 cents. US West Texas Intermediate crude dropped 94 cents, or 1.43%, to $64.58 a barrel. Last week, both benchmarks posted their biggest weekly decline since March 2023, but they are set to finish higher in June with a second consecutive monthly gain of more than 5%. Inter-bank market rates for dollar on Monday BID Rs 283.76 OFFER Rs 283.96 Open-market movement In the open market, the PKR gained 12 paise for buying and lost 4 paise for selling against USD, closing at 284.83 and 286.14, respectively. Against Euro, the PKR lost 64 paise for buying and 1.10 rupee for selling, closing at 333.65 and 336.55, respectively. Against UAE Dirham, the PKR gained 8 paise for buying and 1 paisa for selling, closing at 77.57 and 78.09, respectively. Against Saudi Riyal, the PKR gained 12 paise for buying and remained unchanged for selling, closing at 75.85 and 76.40, respectively. Open-market rates for dollar on Monday BID Rs 284.83 OFFER Rs 286.14
Express Tribune
10 hours ago
- Express Tribune
Petrol prices likely to rise by Rs11 per litre
Petrol prices in Pakistan are expected to rise by Rs11 per litre, while diesel prices are set to increase by up to Rs15 per litre, starting July 1, 2025. These increases are attributed to the global surge in crude oil prices and the continued depreciation of the Pakistani rupee Read: Govt hikes fuel prices for next fortnight The Petroleum Division has confirmed the anticipated price hikes. The Oil and Gas Regulatory Authority (OGRA) is expected to send a summary to the Ministry of Petroleum today, with an official announcement of the revised prices expected later this evening. The Finance Minister, in consultation with the Prime Minister, will finalise and approve the new pricing structure. These expected hikes follow a recent increase in fuel prices that took effect on June 16, 2025. The price of petrol was raised by Rs4.80 per litre. Similarly, the price of high-speed diesel (HSD) increased by Rs7.95 per litre On the other hand, OGRA has officially issued a notification for a significant increase in gas prices for domestic and other consumer categories, with the new rates coming into effect from July 1, 2025. The move brings further financial pressure on inflation-hit citizens, as domestic gas tariffs have been revised upward by up to 50% in certain categories. Read more: Govt raises gas prices by 10% for commercial users According to the official notification, domestic gas prices have been revised substantially. For household consumers, the new rates will range from Rs200 to Rs4,200 per MMBTU. In addition to the unit-based charges, OGRA has introduced fixed monthly charges for domestic users. Also read: Fixed gas charges jacked up by 50%
Express Tribune
11 hours ago
- Express Tribune
India must rethink its policies, says Ishaq Dar
FM Ishaq Dar in meeting to review ongoing evacuation of Pakistani nationals/zaireen presently stranded in Iran & Iraq on June 18. Photo: Pakistan's Deputy Prime Minister (DPM) and Foreign Minister, Ishaq Dar, has said that India must review its policies and cannot impose its will on Pakistan. Speaking at the Foundation Day ceremony of the Institute of Strategic Studies in Islamabad, Dar warned New Delhi against unilateral actions and reiterated Pakistan's commitment to regional peace and sovereignty. He strongly criticised India's use of 'false flag operations' to justify aggression against Pakistan, particularly citing the Pulwama incident, which he said was used by India to stage a fabricated narrative. 'India must revisit its strategic choices and end its policy of coercion,' Dar stated. Tensions between Pakistan and India escalated on April 22, when an attack in Pahalgam killed 26 people. India blamed Pakistan for the incident. Pakistan has categorically rejected Indian accusations. India then undertook a series of hostile actions the next day on April 23, suspending the 65-year-old Indus Waters Treaty (IWT), cancelling visas for Pakistani citizens, closing the Wagah-Attari border crossing and ordering the shutdown of the Pakistan High Commission in New Delhi, among others. Read: Pak IWT stance vindicated by arbitration court Both the countries subsequently reduced diplomatic staff at their respective embassies in the other's territory. Referring to water disputes, Dar asserted that India cannot unilaterally suspend the Indus Waters Treaty, accusing it of attempting to weaponise water against Pakistan. He reaffirmed Pakistan's resolve to safeguard its territorial integrity and uphold its sovereign rights. On the Kashmir issue, the DPM said the dispute is internationally recognised and its peaceful resolution is essential for regional stability. He accused India of openly violating international laws, while reiterating Pakistan's adherence to the principle of peaceful coexistence. Commenting on global affairs, Dar welcomed the ceasefire between Iran and Israel and reaffirmed Pakistan's longstanding support for Iran's legitimate stance. He called for dialogue-based resolution of Iran's nuclear issue and expressed concern over the humanitarian crisis in Gaza, condemning ongoing atrocities in the region. Separately, Prime Minister Shehbaz Sharif welcomed the Permanent Court of Arbitration's Supplemental Award on the Indus Waters Treaty, calling it a major vindication of Pakistan's stance. Read more: Bilawal condemns US attack on Iran, warns India over IWT breach The ruling confirmed that India cannot unilaterally suspend the treaty or its dispute resolution mechanisms. In a statement on Sunday, the PM said water is vital for Pakistan and praised Law Minister Azam Nazeer Tarar and Attorney General Mansoor Awan for their legal efforts. The court stated that the Treaty remains binding unless terminated by mutual consent and does not allow one-sided suspension by either party. Earlier, Pakistan Peoples Party (PPP) Chairperson Bilawal Bhutto Zardari had said that Pakistan would consider war if India refused to honour the Indus Waters Treaty. 'India must choose between honouring the treaty or losing control of all six rivers,' Bilawal said, reaffirming Pakistan's commitment to protecting its share of water under the 1960 World Bank-brokered agreement. The comments followed an earlier statement made during a political rally in Sukkur, where Bilawal declared, 'Either the river will flow or their blood will.'
